When you decide to sponsor, you take on a significant financial obligation. If you need to raise funds, it may be useful to set up a committee to deal strictly with fundraising. You will want to ensure that finances are carefully and appropriately monitored. When planning fundraising activities, think about:

• How much time will it take? Are there enough volunteers?
• How much money will it raise?
• Are there legal or insurance implications? (e.g., Do you need to block off a street for your activity?)
• How will money be gathered and tracked?
• Will tax receipts be given?
• How will in-kind gifts be tracked?

Fundraising will vary depending on whether your organization is a registered charity, a non- profit organization, or an ad-hoc group. Consult the CanadaRevenue Agency for up-to-date information on how to handle fundraising as a charity.